Bahl & Gaynor LLC increased its stake in Packaging Corporation of America (NYSE:PKG – Free Report) by 9.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 311,734 shares of the industrial products company’s stock after purchasing an additional 25,736 shares during the quarter. Bahl & Gaynor LLC’s holdings in Packaging Corporation of America were worth $71,468,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Packaging Corporation of America in the 2nd quarter valued at $1,837,506,000. Bank of New York Mellon Corp bought a new stake in Packaging Corporation of America during the 2nd quarter valued at $748,095,000. Bank of America Corp DE bought a new stake in Packaging Corporation of America during the 2nd quarter valued at $379,568,000. Atlas FRM LLC acquired a new position in Packaging Corporation of America during the second quarter worth $365,164,100. Finally, Deutsche Bank AG acquired a new position in Packaging Corporation of America during the second quarter worth $133,174,000. Institutional investors and hedge funds own 89.78% of the company’s stock.
Insider Activity
In other news, VP Donald Shirley sold 12,000 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $250.71, for a total value of $3,008,520.00. Following the completion of the sale, the vice president owned 19,110 shares in the company, valued at $4,791,068.10. This represents a 38.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
PKG has been the topic of a number of recent research reports. UBS Group dropped their price objective on shares of Packaging Corporation of America from $292.00 to $289.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Truist Financial reissued a “buy” rating and set a $294.00 target price (up from $280.00) on shares of Packaging Corporation of America in a research report on Friday, October 23rd. Weiss Ratings upgraded shares of Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 27th. Citigroup upped their target price on shares of Packaging Corporation of America from $253.00 to $262.00 and gave the stock a “neutral” rating in a report on Monday, October 26th. Finally, JPMorgan Chase & Co. raised their price target on shares of Packaging Corporation of America from $320.00 to $322.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.43.
Get Our Latest Stock Analysis on PKG
Packaging Corporation of America Stock Down 0.1%
Shares of NYSE:PKG opened at $254.07 on Wednesday. The stock has a market cap of $22.64 billion, a price-to-earnings ratio of 31.29, a PEG ratio of 1.92 and a beta of 0.76. The company has a quick ratio of 1.82, a current ratio of 2.87 and a debt-to-equity ratio of 0.83. Packaging Corporation of America has a 12-month low of $191.50 and a 12-month high of $262.59. The business’s 50 day moving average is $238.80 and its 200 day moving average is $230.68.
Packaging Corporation of America (NYSE:PKG – Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $3.04 EPS for the quarter, beating analysts’ consensus estimates of $2.93 by $0.11. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.61 billion. Packaging Corporation of America had a return on equity of 19.43% and a net margin of 7.40%. Packaging Corporation of America’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.73 EPS. On average, sell-side analysts forecast that Packaging Corporation of America will post 10.56 earnings per share for the current fiscal year.
Packaging Corporation of America Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 15th. Packaging Corporation of America’s payout ratio is currently 73.89%.
About Packaging Corporation of America
Packaging Corporation of America (PCA) manufactures containerboard and corrugated packaging. Its packaging products include shipping boxes, retail displays and other protective packaging used to move and present goods. The company operates mills that produce containerboard and facilities that convert it into corrugated products. PCA also makes and sells paper products, including communication and specialty papers. Founded in 1999 as a spin-off from Tenneco, PCA is based in Lake Forest, Illinois, and serves customers primarily in the United States through a network of mills and packaging plants.
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